UAE: Now get second passport to Caribbean country
For Dh459,100, investors from the UAE and other countries now have it simpler to obtain a second passport from the Caribbean country of St. Kitts and Nevis, it was revealed in Dubai on Monday (March 6). The country updated its Citizenship by Investment Programme in December 2022. More adjustments were introduced in February. After extensive consultation with all significant stakeholders, revisions were made to guarantee that the Programme would continue to satisfy the demands of educated investors seeking a solid foundation for their businesses. “We are updating the regulations to reflect the changing times,” said Michael Martin, Head of the Citizenship by Investment Unit. Martin highlighted that the government is working hard to make St. Kitts and Nevis a sustainable small island state. “We have decided to enhance our program to continue to attract the premium investors it was meant to attract,” Martin said. St. Kitts and Nevis provide investors with innovative investment options who can contribute to the country’s Sustainable Growth Fund (SGF) or purchase government-approved real estate. By doing so, they can take advantage of benefits like minimal business restrictions and tax incentives, such as the absence of capital gains, income, inheritance, gift, or wealth taxes, among others. At a reduced contribution fee of about Dh459,100 per main applicant, the limited-time offer in SGF enables qualifying applicants to earn citizenship through the accelerated application process at no additional cost. The offer is from July 1 until the end of June 2023. After that, each applicant must provide a minimum amount of about Dh550,920. KD/Expat MediaFor all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page
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